Farmer and Taylor formed a partnership with capital contributions of $295.000 and $345.000, respectively. Their partnership agreement calls for Farmer to receive a $108,000 per year salary. The remaining income or loss is to be divided equally. Assuming net loss for the current year is $34.000, the journal entry to allocate the net loss is: Multiple Choice O Debit Income Summary $34.000; Credit Taylor. Capital, $17.000; Credit Farmer. Capital, $17,000. o Debit Income Summary, $34.000; Debit Farmer Capital, $37,000: Credit Taylor. Capital, $71,000. 0 Debit Income Summary. $34.000; DebitTaylor, Capital, $37.000: Credit Taylor. Capital, $71,000. 0 Debit Income Summary, $34.000; Credit Farmer, Capital, $17.000; Credit Taylor. Capital, $17,000. O Debit Taylor. Capital, $71000: Credit Income Summary $34,000: Credit Farmer. Capital, $37.000